Mumbai Sees Significant Rise in Property Registrations During October 2024
The real estate market in Mumbai witnessed a 22% year-on-year increase in property registrations for October 2024, with a notable surge in high-value transactions. Properties priced below Rs 50 lakh saw a decline in registrations, illustrating a shift tow
Mumbai Property MarketHighvalue TransactionsReal Estate RegistrationsFestive SeasonHighend InvestmentsReal Estate NewsNov 04, 2024
Experts in the real estate sector highlight that residential properties led this growth, accounting for 80% of the total registrations. This underscores the strong and consistent demand for housing in the city. Notably, high-value properties saw a significant uptick, with transactions for properties priced above Rs 2 crore reaching 2,876 units. This represents 22% of total registrations, up from 18% in October 2023. Industry analysts note this trend as a growing consumer preference for premium properties, reflecting the resilient nature of Mumbai’s real estate market.
However, real estate specialists also observed a contrasting trend in the lower end of the market. Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024. This shift indicates a move towards mid-to-high-end property investments, reflecting evolving market dynamics and a clear inclination towards higher-value investments.
Frequently Asked Questions
What is the percentage increase in property registrations in Mumbai for October 2024 compared to October 2023?
Mumbai saw a 22% year-on-year increase in property registrations for October 2024 compared to October 2023.
What percentage of total registrations were high-value properties priced above Rs 2 crore in October 2024?
Properties priced above Rs 2 crore accounted for 22% of total registrations in October 2024.
How did the registrations for properties priced below Rs 50 lakh change from October 2023 to October 2024?
Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024.
What factors contributed to the surge in property registrations during October 2024?
The surge in property registrations during October 2024 is attributed to the heightened demand during the festive season, particularly Dussehra and Diwali, which are considered auspicious times for property investments.
What does the shift towards mid-to-high-end property investments indicate about the Mumbai real estate market?
The shift towards mid-to-high-end property investments reflects evolving market dynamics and a clear inclination towards higher-value investments, indicating growing confidence and aspirational buying among Mumbai homebuyers.
Tags:
Related News Articles
Indian Metropolises Lead the Way in Global Real Estate Boom
Mumbai and New Delhi have emerged as top performers in the global real estate market, with property prices surging by double digits in the first quarter of 2024.
Revolutionizing the Indian Stock Market: SEBI Chairperson Emphasizes the Power of Artificial Intelligence
SEBI Chairperson Madhabi Puri Buch highlights the transformative impact of AI on the Indian stock market, simplifying regulatory language and breaking language barriers.
Golf and Turf Summit 2024: Innovations in India's Golf Industry
The Golf and Turf Summit 2024 in Pune wrapped up with exciting plans for an 18-hole golf tournament, specifically aimed at real estate developers and golf enthusiasts. The summit focused on the latest innovations and trends in the Indian golf industry, br
India’s Economic Rise to Shape Global South’s Growth in the Coming Decades
India, under the leadership of bold reforms and strategic investments, is set to play a crucial role in the economic growth of the Global South. With a young and dynamic population, India is on track to become a leading global economy.
MHADA to Build 800,000 Homes in Maharashtra Over the Next Five Years
Deputy Chief Minister Eknath Shinde announces a significant housing development initiative by the Maharashtra Housing and Area Development Authority (MHADA) to construct 800,000 homes in the state within the next five years. This ambitious plan aims to pr
Dharavi Redevelopment Survey Surpasses 50,000 Mark – A Milestone Achieved
The Dharavi Redevelopment Project (DRP) has achieved a significant milestone, completing over 50,000 door-to-door surveys. This remarkable feat marks a record in Mumbai’s Slum Rehabilitation Authority (SRA) history.